Home for Sale at 33 Palmer Road, Waterford, CT 06385

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33 Palmer Road
Waterford, CT 06385

Ann Carpenter with RE/MAX on the Bay, original listing - (860) 739-0888

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Property Details

List Price:	$1,850,000
Beds:	5
Baths:	Full: 5, ½: 1
Status:	Active
SqFt:	5005 Square Feet
Agency:	RE/MAX on the Bay
Agency Phone:	(860) 739-0888

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Description/Comments

Lot Size:	0 acre(s)
Garage:	Garage
Property Type:	Residential-Single Family Residence
Year Built:	1994
Notes:	Absolutely stunning waterfront 5 BR/5.5 BA Custom Home on Long Island Sound. The open floor plan offers panoramic views from nearly every room in the house. This architecturally designed contemporary home was built with attention to detail with quality built-in cabinetry and shelving offering loads of storage. Perfect home for entertaining in the gourmet kitchen complete with 6 burner gas cooktop w/ grill, 2 refrigerators, double oven and a pantry prep area. Dining area with custom lighted constellation tray ceiling and a 4 season room with a curved wall of glass. Beautiful marble fireplace in LR with hardwood floors and crown moldings. Elegant split staircase leads you to the 2nd floor with 4 generous sized BRs, den with wet bar and 3 separate balconies. The 3rd floor Owner Suite offers a retreat with a sitting area with fireplace, vaulted ceiling, built-in desk area, balcony, custom marble bath and walk-in shower. Elevator allows access to all floors. Basement has a theater room with stadium seating, workshop, safe room and built-in storage cabinets. 2 Story outbuilding on the property complete with 1/2 BA, sunroom and loft area. Home is on Jordan Cove which offers swimmable water and at low tide allows for long walks along the flats. Pleasure Beach within walking distance. This home is a must see! Quality and features that could not be replicated at this price. Set up a private viewing of this spectacular property and you'll want to make it your Home!
MlsNumber:	--
ListingId:	24045678

Listing Provided By:	RE/MAX on the Bay, original listing
Phone:	(860) 739-0888
Office Phone:	(860) 739-0888
Agent Name:	Ann Carpenter
Disclaimer:	Copyright © 2024 SmartMLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest.

The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered.

VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale.

This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments.

Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.

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